Jacksonville, Florida Portfolio

Location Characteristics: Jacksonville is an intermodal transportation hub, and the city is also a leading distribution epicenter, with a transportation network embracing port and air cargo facilities, rail and trucking routes. Millions of tons of raw materials and manufactured goods move through the city annually.

 

Market Insight: The Jacksonville market remains strong, with the Airport/North submarket leading growth, adding 13.6 million square feet since 2015. Asking rents have risen 3.6% over the past year to $5.55, with long-term annual growth averaging 4.6%. Industrial employment continues to grow, supporting steady absorption. Even with 4.1 million square feet of new construction projected by 2026, vacancy rates are expected to decline to 4.5% from the current level of 4.9%, signifying Jacksonville’s continuance as a key industrial growth hub.

Jacksonville, Florida Portfolio

Location Characteristics: Jacksonville is an intermodal transportation hub, and the city is also a leading distribution epicenter, with a transportation network embracing port and air cargo facilities, rail and trucking routes. Millions of tons of raw materials and manufactured goods move through the city annually.

 

Market Insight: Jacksonville’s overall vacancy decreased to 3.5% during the first quarter of 2022–its lowest quarterly rate since 2018. Demand for larger spaces continues to outpace supply as tenants seek to meet consumer demands.

7251-7259 Salisbury Road, Jacksonville, FL 32256

3 buildings comprising 168,800 square feet

Center Point Business Park

Location:Jacksonville, FL

Acquisition Date:12/14/2018

# of Buildings:3

Purchase Price/SF:$85.57

Tenant:Multi-Tenant

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Salisbury Business Park

Portfolio Fit: Salisbury Business Park is a 3 building portfolio totaling 168,800 SF, 100% leased to a variety of tenants, including one building that houses a postsecondary education center that offers vocational career training in healthcare, and two additional light industrial buildings serving a wide range of high-quality users, including industry leaders in business supplies and disaster recovery industries. Buildable land on the property has allowed us to start development of a 40,572 square foot building coming on line during 2023.

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8451 Western Way, Jacksonville, FL 32256

1 building comprising 288,750 square feet

Center Point Business Park

City, Location:Jacksonville, FL

Acquisition Date:9/10/20

# of Buildings:6

Purchase Price/SF:$65.80

Tenant:Multi-Tenant

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Liberty Business Park

Portfolio Fit: 8451 Western Way is leased to a diversified and stable tenant mix including storage, logistics, military personnel logistic support, building product suppliers and sports operation. With Jacksonville having a transportation network embracing port and air cargo facilities, rail and trucking routes there is limited availability, and high demand of industrial property in this market.   

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Metro Area Building Name Gross Building Area (SF) Property Sub-Type Tenant
Jacksonville 8000 Belfort Parkway 35,643 Flex Space Multi-Tenant
Jacksonville 8001 Belfort Parkway 50,277 Flex Space Multi-Tenant
Jacksonville 4801-100 Executive Park Court 60,000 Small Bay Industrial Multi-Tenant
Jacksonville 4901 Belfort Road 78,930 Flex Space Multi-Tenant
Jacksonville 7251 Salisbury Road 65,280 Small Bay Industrial Multi-Tenant
Jacksonville 4801-200 Executive Park Court 40,000 Small Bay Industrial Multi-Tenant
Jacksonville 4810 Executive Park Court 40,000 Flex Space Multi-Tenant
Jacksonville 4815-100 Executive Park Court 39,600 Small Bay Industrial Multi-Tenant
Jacksonville 4815-200 Executive Park Court 50,000 Small Bay Industrial Multi-Tenant
Jacksonville 4820 Executive Park Court 60,000 Small Bay Industrial Multi-Tenant
Jacksonville 4825 Executive Park Court 65,000 Small Bay Industrial Multi-Tenant
Jacksonville 6601 Executive Park Court 80,000 Small Bay Industrial Single-Tenant
Jacksonville 6602-200 Executive Park Court 32,000 Small Bay Industrial Multi-Tenant
Jacksonville 6631-100 Executive Park Court 27,200 Small Bay Industrial Multi-Tenant
Jacksonville 6631-200 Executive Park Court 44,000 Small Bay Industrial Multi-Tenant
Jacksonville 7014 A.C. Skinner Parkway 85,380 Small Bay Industrial Multi-Tenant
Jacksonville 7016 A.C. Skinner Parkway 39,350 Flex Space Single-Tenant
Jacksonville 7018 A.C. Skinner Parkway 92,872 Small Bay Industrial Multi-Tenant
Jacksonville 7020 A.C. Skinner Parkway 42,184 Flex Space Multi-Tenant
Jacksonville 7022 A.C. Skinner Parkway 88,200 Small Bay Industrial Multi-Tenant
Jacksonville 7255 Salisbury Road 57,120 Small Bay Industrial Multi-Tenant
Jacksonville 7259 Salisbury Road 46,400 Flex Space Single-Tenant
Jacksonville 8451 Western Way 288,750 Warehouse/Light Manufacturing Multi-Tenant